Whale Transfers 1.1M PENDLE Tokens to Binance: Insights and Analysis
On-chain smart money platform Lookonchain recently highlighted a significant transaction involving a whale transferring 1.1 million PENDLE tokens to the Binance exchange. The value of these tokens at the time of transfer was approximately $3.8 million. After the transfer, the whale's wallet now holds 1 million PENDLE tokens valued at $3.5 million.
The whale had previously acquired 3.44 million PENDLE tokens from both centralized and decentralized exchanges between February 9 and April 27, 2023, at an average price of $0.32 per token. The whale's wallet primarily consists of PENDLE tokens, with a small holding of 0.9756 Ether (ETH) coins worth $2,982.49.
PENDLE's Recent Performance and Market Outlook
As per CoinMarketCap data, the current value of the PENDLE token stands at $3.66, reflecting a 2.41% decline over the last 24 hours. Despite the recent dip, the whale's investment in PENDLE has seen remarkable growth of over 900% within a year, highlighting strong returns even with a decline from its all-time high.
Recent reports indicated a decrease in Pendle DeFi's total value locked (TVL) by 42% from $6.18 billion to $3.6 billion as of June. Despite this, PENDLE has garnered attention from BitMEX co-founder Arthur Hayes, who sees promising long-term prospects for PENDLE and synthetic stablecoin platform Ethena.
Pendle Finance, supported by Binance Labs in 2023, signifies Binance's focus on nurturing the next wave of DeFi projects. This strategic investment aligns with Binance's commitment to fostering innovation in the DeFi space.
